Good week for gold and gold companies in the U.S.

Maintaining its safe haven status, gold reached new highs over the June 14-18 trading period due to ongoing concerns over sovereign debt levels in Europe and the potential for further instability in the markets.

And while the dollar was weak, the markets showed some improvement. The Dow Jones Industrial Average gained 2.3%, or 239.57 points, to close at 10,450.64. The S&P 500 rose 2.4%, or 25.91 points, to 1,117.15 and the Nasdaq increased 2.3%, or 66.2 points, to 2,309.80.

Gold miners’ shares benefited the most on a value basis over the period thanks to the record high gold prices. Gold closed US$1,256 per oz. in London on June 18 but had risen beyond that at press time.

Randgold Resources shares were up US$6.26 to close at US$94.98 apiece, followed by Newmont Mining shares, up US$5 to US$61.25. Both companies reached new 52-week highs. Barrick Gold, base metals giant BHP Billiton and AngloGold Ashanti were also among the top gainers by value over the week.

On the losing end during this week of positive market gains were the fertilizer companies Mosaic and Potash Corp. of Saskatchewan as 2011 forecasts were cut. Mosaic shares fell US$1.78 apiece to US$43.46 while Potash Corp. saw its shares drop US$1.26 to US$99.36 apiece.

Base metals producers held steady over the period. BHP Billiton, the world’s biggest mining company, saw shares rise US$2.51 to US$57.45 while Alcoa shares slipped US25¢ to US$11.11 and Freeport McMoRan Copper & Gold was up US97¢ to US$65.90.

At press time, BHP and Rio Tinto had struck a deal with the state government in Western Australia over royalties on sales revenue for their iron ore joint venture. They agreed to pay higher mining royalties of 5.6% up from 3.75% on fine ore and a one-time payment of US$309 million. Rio Tinto and Xstrata are leading a battling against the federal government Down Under over the planned 40% Resource Super Profits Tax. The companies are arguing that they already pay their fair share in taxes and royalties.